Bitcoin: only 52 days have not been profitable
Bitcoin: only 52 days have not been profitable
Bitcoin

Bitcoin: only 52 days have not been profitable

By Marco Cavicchioli - 11 Aug 2020

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In the entire history of Bitcoin, there have only been 52 non profitable days in total so far. 

This is shared on Twitter by Anthony Pompliano, who writes: 

“There are only 52 days in the history of Bitcoin where you would be down in USD value if you bought Bitcoin and held it till today”.

Pompliano refers to LookIntoBitcoin.com‘s “Bitcoin Profitable Days” chart, which shows in green the days when the closing price was lower than yesterday’s closing price, while in red are the days that closed with a higher price. 

The chart shows an almost constant green curve, with only a few days closing in the red. 

In particular, from the first day, August 31st, 2010, until yesterday, 3,633 days have passed, of which only 52 closed with a price higher than yesterday’s closing price ($11,870)

This is a meagre 1.4%, whereas for the remaining 98.6% the closing price turned out to be lower than yesterday’s closing price. 

Bitcoin, profitable days and investments

In other words, those who bought bitcoin in those 3,581 days and kept them until yesterday are still in profit, while only those who bought them in the remaining 52 days and kept them until yesterday are at a loss. 

More specifically, the first time the price of bitcoin exceeded $12,000 was on December 6th, 2017, and then it stayed above that threshold for only 42 days. 

As of January 21st, 2018, it was constantly below $12,000 until June 26th, 2019, when it went back above it and only stayed there inconsistently until July 10th of the same year. 

These were the only days ever since there was data on the price of bitcoin in dollars (August 2010), when the price of bitcoin was over $12,000. 

According to this data, so far bitcoin would be a very profitable investment, as many people who buy BTC generally do so to hold it in the long run. 

Obviously, this is not necessarily enough to say that these averages will be maintained in the future, but it is still a strong argument against critics. 

Certainly, as far as gold is concerned, which is at an all-time high on the dollar, these percentages are even better than those of bitcoin, but the two performances are not at the expense of each other. 

 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 25 thousand subscribers.

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